How to Wire Money

There are many situations that require a person to wire money or conduct a wire transfer. Wire transfers are used to make business transactions, purchase homes and pay off debts. The process is not as complicated as you may think, provided you are prepared with the right information.

Decide the amount of money that is to be wired or transferred.

Gather all the information regarding where the money will be transferred. This information needs to include the name of the bank or financial institution, the name of the account holder, the account number and that bank's routing number.

Go to your bank or financial institution from where the money will be wired. You will probably be asked to fill out a wire transfer form. This form will authorize the wire transfer and give all the needed information to your bank.

Ask what the fee will be for handling a wire transfer. This fee can be added to the money you are wiring or it can be deducted from your account depending on the policies of your bank or financial institution.

Contact the person or business on the receiving end of the wire transfer to let them know that the money has been wired, so that they may verify that it arrives in the appropriate account as anticipated.

Tips & Warnings
Most banks have cut-off times each day for wiring money. If you need the money transferred within the same day, you should conduct your wire transfer as early in the day as possible or make previous arrangements with your bank. Be sure to take holidays and weekends into consideration when planning when your wired funds will arrive.